Kyrgyzstan after the signing of the agreement on Kumtor deposits expects to receive $50 million for 2014

Almaty. February 24. Silkroadnews - By the proposal of Centerra Gold Inc, as a result of 2014 ,Kyrgyzstan budget will received $50 million from the Kumtor deposit, reported KyrTAG with reference to the Chairman of the Board of JSC "Kyrgyzaltyn" Tokon Mamytov.
He added that Centerra Gold Inc, by recommendation of AMEC, intends to allocate $52 million to protect ecology.
"We expected to signed a framework agreement in a few days, but this does not mean that all questions of the Kumtor are solved. We have a lot of work to do. This will require a lot of time", - he added.
Meanwhile, the report of Centerra Gold Inc for 2014 states that if the shares of Kyrgyzstan in the Canadian company Centerra Gold Inc will be forfeited in favor of the Canadian company Stans Energy Corp, then the restructuring of the Kumtor project will be impossible.
According to the report, Centerra Gold Inc has been informed of the initiation of the confiscation of 47 million shares of Kyrgyzstan arrested by the Supreme Court of Ontario at the request of Stans Energy Corp. As specified, the KR has 77 million 401 thousand 766 shares in Centerra Gold Inc. Holder of securities on behalf of the Republic is "Kyrgyzaltyn". The arrest was imposed in October 2014 and now Stans Energy Corp requires the court to pass under its the control the assets of the Kyrgyz Centerra Gold Inc. If Kyrgyzstan will not be able to contest the claims of Stans Energy Corp, the Stans Energy Corp, will be able to get those 47 million shares.
"If Stans Energy Corp will acquire these shares, JSC "Kyrgyzaltyn" will loose control of a significant package and will not be able to invest the necessary amount of shares in the implementation of the memorandum on the restructuring of the Kumtor project to get 50% of the joint venture in the future. Centerra Gold Inc believes that in such circumstances, the restructuring will be impossible", - says the report of the company.